OLD KENT FINANCIAL CORP /MI/
8-K, 2000-05-19
STATE COMMERCIAL BANKS
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report: April 30, 2000


Old Kent Financial Corporation
(Exact name of registrant as
specified in its charter)


Michigan
(State or other
jurisdiction of
incorporation)
0-14591
(Commission
File Number)
38-1986608
(IRS Employer
Identification no.)

111 Lyon Street, N.W.
Grand Rapids, Michigan
(Address of principal executive offices)
   

49503
(Zip Code)

Registrant's telephone number,
including area code: (616) 771-5000






Item 5. Other Events.

                    Old Kent Financial Corporation ("Old Kent") acquired Grand Premier Financial, Inc. ("Grand Premier"), a holding company with headquarters in Wauconda, Illinois, in a transaction that was effective as of April 1, 2000. All outstanding shares of Grand Premier common stock were converted into Old Kent common stock, except for insignificant cash payments for fractional shares. All outstanding shares of Grand Premier preferred stock were converted into Old Kent preferred stock with substantially identical terms. Old Kent accounted for the acquisition as a pooling-of-interests.

                    ASR 135, as interpreted by SAB 65, indicates that no affiliate of either combining company may reduce its risk relating to its shareholder position during a period ending when financial results including at least 30 days of post-merger combined operations have been published. This Form 8-K is filed for the purpose of publishing combined operating results to satisfy this provision. The following is condensed, consolidated unaudited statement of the results of operations of Old Kent Financial Corporation and its subsidiaries for the month ended April 30, 2000.

                    Pre-tax income for April 2000 includes estimated one-time merger related charges of $30 million. These estimated charges result in a $20 million negative impact to net income. Operating results for the one month period ended April 30, 2000, are not necessarily indicative of the results that may be expected for the six- or three-month period ending June 30, 2000 or the year ending December 31, 2000.

                    The following statement does not include all of the information and the footnotes required by generally accepted accounting principles for complete financial statements. For further information, reference should be made to the consolidated financial statements and footnotes included in Old Kent Financial Corporation's annual report on Form 10-K for the year ended December 31, 1999.


-2-


OLD KENT FINANCIAL CORPORATION
Condensed Consolidated Results of Operations (Unaudited)
(In thousands of Dollars)

   
For the
Month Ended
April 30, 2000

  Interest Income  
$    132,350
 
  Interest Expense  
67,458
 
  Net Interest Income  
64,892
 
  Provision for Loan Losses  
6,951
 
  Net Interest Income After Provision  
57,941
 
   
  Other Income:  
   
    Mortgage Banking Revenues  
13,658
 
    Investment Management & Trust Revenues  
7,297
 
    Deposit Account Revenues  
6,250
 
    Other Income  
8,290
 
  Total Other Income  
35,495
 
   
  Other Expenses:  
   
    Salary and Benefits Expense  
31,918
 
    Occupancy & Equipment  
8,382
 
    Other Expenses  
45,736
 
  Total Other Expenses  
86,036
 
   
    Income before Taxes  
7,400
 
          Income Taxes  
1,998
 
    Net income  
$      5,402
 
   


-3-


SIGNATURE

                    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: May 19, 2000 OLD KENT FINANCIAL CORPORATION
       (Registrant)

By: /s/ Janet S. Nisbett


      Janet S. Nisbett
      Senior Vice President and Controller







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